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Stockholders’ Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders’ Equity

9. Stockholders’ Equity

 

Common Stock

 

As of March 31, 2025, 4,260,929 shares of common stock were issued and outstanding, 241,260 shares of common stock were reserved for issuance upon the exercise of outstanding warrants, 509,976 shares of common stock were reserved for issuance under our 2015 Equity Incentive Plan, as amended (the “2015 Plan”) and our 2024 Equity Incentive Plan, as amended (the “2024 Plan”), and 104,136 shares were reserved for issuance under our 2023 Non-Employee Director Compensation Plan.

 

The following table describes the shares and warrants issued as part of our 2022 private placement:

 

Issuance of Common Stock  Issue Date  Shares Issued   Price per share   Warrants Issued   Warrant Exercise Price   Warrant Fair Value 
Private Placement 2022  April 1, 2022   1,242,588   $4.62    124,258   $4.62   $3.91 

 

Amortization of the debt issuance costs for the Private Placement 2022 offering was recorded at $10,513 and $60,595 for the three months ended March 31, 2025 and 2024, respectively.

 

Warrants

 

The following sets forth the warrants to purchase our common stock that were outstanding as of March 31, 2025:

 

Warrants Outstanding   Warrant
Exercise Price		   Warranty Expiry
 109,560   $4.62   March 30, 2027 (1)
 95,500   $4.00   March 30, 2027 (1)
 16,000   $9.00   March 30, 2027 (1)
 17,200   $12.50   March 30, 2027 (1)
 3,000   $15.00   March 30, 2027 (2)

 

(1)   Issued to the placement agent in connection with private placements of our convertible promissory notes.

 

(2)   Issued to certain 5% stockholders.

 

A summary of warrant activity during the three months ended March 31, 2025 and 2024 is as follows:

   Warrants 
Outstanding at January 1, 2025   255,958 
Exercised   (14,698)
Outstanding and Exercisable at March 31, 2025   241,260